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htjones
Level 1

1099-R

I rolled over a 401k to a roth ira in December 2020.

My 1099R shows no taxable amount in box 2a and 2b.  When entering this 1099R into Turbotax and answering the question stating that I am rolling over this 401k to a Roth, turbotax still does not count the amount as taxable.  

Can someone help

 

1 Best answer

Accepted Solutions
macuser_22
Level 15

1099-R


@htjones wrote:

Yes, box 7 is coded G.

The check was sent directly to my new broker.

If the 1099R was sent wrong, how should I handle this with my tax return?


If the check was made out properly then your broker should have deposited it into a Traditional IRA and not a Roth.   I doubt that the 401(k) plan will issue a corrected 1099-R, but the rules say you must ask them.

 

Assuming that they refuse to issue a corrected 1099-R then you use a substitute 1099-R instead (there is an option for a substitute on the IRA type screen).

 

Enter everything the same as your 1099-R but make box 2a the same as box 1.   Answer NO to the rollover to a 401(k) and YES to the rollover to a Roth IRA question.    Enter  explanation statement that the rollover went to a Roth and not a Traditional IRA and the 401(k) plan refused to re-issue the 1099-R.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

View solution in original post

4 Replies
macuser_22
Level 15

1099-R


@htjones wrote:

I rolled over a 401k to a roth ira in December 2020.

My 1099R shows no taxable amount in box 2a and 2b.  When entering this 1099R into Turbotax and answering the question stating that I am rolling over this 401k to a Roth, turbotax still does not count the amount as taxable.  

Can someone help

 


Is the box 7 code  G?

 

A zero in box 2a indicates that the 1099-R insurer directed the rollover to a Traditional IRA, not a Roth or box 2a would probably the same as box 1.

 

If you were issued  a check to deposit the  it shoukd have been payable to your Traditional IRA and should never have ended up in a Roth.

 

 

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
htjones
Level 1

1099-R

Yes, box 7 is coded G.

The check was sent directly to my new broker.

If the 1099R was sent wrong, how should I handle this with my tax return?

macuser_22
Level 15

1099-R


@htjones wrote:

Yes, box 7 is coded G.

The check was sent directly to my new broker.

If the 1099R was sent wrong, how should I handle this with my tax return?


If the check was made out properly then your broker should have deposited it into a Traditional IRA and not a Roth.   I doubt that the 401(k) plan will issue a corrected 1099-R, but the rules say you must ask them.

 

Assuming that they refuse to issue a corrected 1099-R then you use a substitute 1099-R instead (there is an option for a substitute on the IRA type screen).

 

Enter everything the same as your 1099-R but make box 2a the same as box 1.   Answer NO to the rollover to a 401(k) and YES to the rollover to a Roth IRA question.    Enter  explanation statement that the rollover went to a Roth and not a Traditional IRA and the 401(k) plan refused to re-issue the 1099-R.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

View solution in original post

htjones
Level 1

1099-R

Thank you very much.  You have been very helpful.

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